Monday, November 30, 2020 Vol. 16 No. 53
DBM NIXES EO TO RETURN FUNDS PARKED WITH PITC w
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P25.00 nationwide | 2 sections 24 pages |
BUSINESS ON CREATE: ADJUST INVESTMENTS LEVEL FOR FIRB OKAY By Elijah Felice E. Rosales
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@alyasjah
NDUSTRY groups are demanding that policy-makers raise the threshold for investments required to get the Finance chief’s approval, as they warned that adding another level of bureaucracy aggravates red tape in the government. Private sector leaders told the BusinessMirror they will push for the adjustment of the threshold for investments that need to go through the Fiscal Incentives Review Board (FIRB). Last week, senators voted 20-1 to approve the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill on third and final reading. The measure created the FIRB, tasked to review and approve fiscal incentives
for projects worth P1 billion and above; chaired by the secretary of finance and cochaired by the secretary of trade and industry. Because of the low threshold of P1 billion, bulk of investments will go through a longer process with the FIRB, and this is why business groups want investment promotion agencies (IPAs) to be allowed to continue approving majority of new businesses, which can only happen if a higher cap— or beyond P1 billion—for investments that must go through FIRB is set. The lone dissenting vote in the Senate was cast by Sen. Richard J. Gordon, who had opposed creation of the FIRB, which he deemed a needless layer of bureaucracy that contradicts the call for cutting red tape and right-sizing the government. See “Business,” A2
A local government worker spruces up the “Kartilya ng Katipunan” monument near Manila City Hall, honoring Philippine revolutionary leader Andres “Gat” Bonifacio, on Sunday, ahead of the nation’s commemoration of his birth anniversary on Monday (November 30). ROY DOMINGO
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By Bernadette D. Nicolas
@BNicolasBM
HE Department of Budget and Management (DBM) has thumbed down a proposal to endorse to President Duterte the issuance of a directive for the immediate return of P33.3 billion “parked” in the Philippine International Trading Corp. (PITC) so these can be realigned for urgent needs like the Covid-19 response. Continued on A4
PESO exchange rates n US 48.1020
Drilon presses for abolition of PITC, invokes GCG Act By Butch Fernandez
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@butchfBM
ENATE Minor it y Leader Franklin Drilon over the weekend sought the abolition of the state-run Philippine International Trading Corp. (PITC), saying existing government agencies already have their own procurement offices.
This, even as he pressed for the return of P33.4 billion of the agency’s “parked funds” to the Treasury, pointing out it is “immoral” to let this anomalous setup remain while the government scrounges for funds for its Covid-19 response and to stimulate a recession-hit economy. See “Drilon,” A2
n japan 0.4614 n UK 64.2739 n HK 6.2061 n CHINA 7.3169 n singapore 35.9372 n australia 35.4079 n EU 57.3232 n SAUDI arabia 12.8269
Source: BSP (November 27, 2020)